Shares of Indian solar and renewable energy companies saw a decline following the US Commerce Department’s imposition of preliminary countervailing subsidies on solar cell and panel imports from India. Waaree Energies fell by 14.6% to Rs 2,580.50 initially, later recovering to Rs 2,724, down by 9.90%. Premier Energies also dropped by 4.57% to Rs 741.55 after hitting an intra-day low of 666.90.
Vikram Solar experienced a nearly 7% slide, while Waaree Renewable Technologies and Solex Energy dipped over 6% and about 5%, respectively. Saatvik Green Energy dropped nearly 3%, and Borosil Renewables lost just over 1% in the wake of the news.
The US Commerce Department, in a fact sheet, revealed that the countervailing subsidies were imposed due to unfair subsidies by exporting nations. Import subsidy rates were set at 125.87% for India, 104.38% for Indonesia, and 80.67% for Laos following a petition by the Alliance for American Solar Manufacturing and Trade, which includes Hanwha Qcells, First Solar, and Mission Solar.
Further decisions are expected in March regarding whether exporters from the three countries sold products in the US below production costs, which could lead to additional anti-dumping duties. Solar panel imports from India, Indonesia, and Laos were valued at about $4.5 billion last year, comprising around two-thirds of total US solar imports in 2025, as per data cited by the US department.
The White House recently announced a temporary 10% tariff on Indian imports from February 24. The Trump administration hinted at the possibility of invoking additional tariff authorities in the near future, with Sections 232 and 301 being considered for further action.
